- Inspection year
- 2024
- Report date
- 19-Dec-2024
- PCAOB release
- 104-2025-021a
- Audits reviewed
- 1
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 100%
- Part I.A deficiencies
- 8
- Part I.B deficiencies
- 6
- Report
- View PDF ↗
Deficiencies (8)
Grouped by issuer and in the same order as the PCAOB report, so each item ties back directly to the source.
Issuer A8 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Revenue | The issuer recognized several types of revenue. The following deficiency was identified: · The firm did not perform procedures to test or identify and test any controls over the completeness of a report from which it made its selections to test two types of revenue. (AS 1105.10) Financial statement audit only | AS 1105.10 | |
| 2 | Revenue | The issuer recognized several types of revenue. The following deficiency was identified: · The firm selected key item transactions to test these two types of revenue. The firm did not perform procedures beyond performing cut-off procedures to test the remaining population of revenue transactions to address the assessed risk of material misstatement. (AS 1105.27; AS 2301.08 and .13) Financial statement audit only | AS 1105.27; AS 2301.8; AS 2301.13 | |
| 3 | Revenue | The issuer recognized several types of revenue. The following deficiency was identified: · The firm did not perform sufficient procedures to evaluate whether the issuer's accounting for one of these types of revenue as the principal rather than as an agent was appropriate because the firm concluded that the issuer had the ability to direct and control the goods or services but it did not perform any procedures to support this conclusion. (AS 2301.08 and .13) Financial statement audit only | AS 2301.8; AS 2301.13 | |
| 4 | Revenue | The issuer recognized several types of revenue. The following deficiency was identified: · The firm did not perform procedures to evaluate the issuer's determination of the transaction price for a sample of transactions for a third type of revenue. (AS 2301.08 and .13) Financial statement audit only | AS 2301.8; AS 2301.13 | |
| 5 | Certain Assets | The issuer engaged a valuation specialist to determine the fair value of certain assets. The following deficiency was identified: · The firm did not perform any procedures to evaluate the reasonableness of significant assumptions developed by the company's specialist. (AS 1105.A8b) Financial statement audit only | AS 1105.A8b | |
| 6 | Certain Assets | The issuer engaged a valuation specialist to determine the fair value of certain assets. The following deficiency was identified: · The firm did not perform any procedures to evaluate the relevance and reliability of data from sources external to the issuer that were used by the company's specialist in developing significant assumptions. (AS 1105.A8a) Financial statement audit only | AS 1105.A8a | |
| 7 | Certain Assets | The issuer engaged a valuation specialist to determine the fair value of certain assets. The following deficiency was identified: · The firm did not perform procedures beyond inquiry to evaluate the reasonableness of a significant assumption developed by the issuer. (AS 2501.16) Financial statement audit only | AS 2501.16 | |
| 8 | Journal Entries | The firm identified fraud criteria for journal entries. The firm did not perform sufficient procedures to test the journal entries that met the criteria because it limited its procedures to certain journal entries without having an appropriate rationale. (AS 2401.61) Financial statement audit only | AS 2401.61 |